-3.49(-0.05%)

Kismis View site sold for $102.75m

The 43-unit development Kismis View has been sold to a joint venture of RP Ventures Pte. Ltd. and TE2 Development Pte. Ltd. for $102.75m of $941 psf ppr, JLL said in a press release.

JLL regional director Tan Hong Boon said the owners expect to receive gross proceeds of $1.6m and $3.3m from the sale.

Under the 2014 Master Plan, the 90,863 sqft site is zoned ‘Residential’ with a Gross Plot Ratio (GPR) of 1.4.

The site may be redeveloped into a low-rise apartment development of up to 5 storeys, with a total gross floor area (GFA) of about 139,929 sqft including a 10% bonus GFA for balcony.

The maximum number allowed would be 168 units based on the minimum average size control of 70 sqm.

Tan said, "As the site has a high development baseline, there will be no development charge even for the 10% bonus GFA for balcony. Should the developer maximize the GFA to GPR 1.54, the land rate would reflect $855 psf per plot ratio.”